Workers and robotic carts in a FirstCry warehouse during daytime operations.
FirstCry, the Indian e-commerce giant focused on the parenting segment, is navigating a complex market environment that has led to significant investor scrutiny. Despite reporting revenue growth of 12% to ₹8,548 Cr in FY26 and an increase in adjusted EBITDA, the company’s shares have fallen nearly 70% from their peak since its August 2024 listing. This decline underscores a broader debate about the durability of its competitive advantages in an era increasingly dominated by quick commerce and aggressive discounting.
During its March-quarter earnings call, FirstCry management repeatedly emphasized
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